INDUSTRIAL LIFE ASSURANCE
|
Industrial life assurance had its beginnings
during the Industrial Revolution, hence the name, when some companies
provide life assurance for the working population, using a system of
regular collections of premiums at frequent intervals (usually weekly)
at the homes of the policyholders. This avoided the burden of saving for
a year to pay for other types of policies. Originally this type of
insurance stemmed from the need to provide a sum assured to cover burial
expenses. Most of the industrial companies also transact ordinary life
assurance in the policyholder's home and are known as the 'home service
offices'. |
|